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CLEVELAND - Ancora Holdings Group, LLC announced Wednesday it has redeemed its investment in a special purpose vehicle managed by Hestia Capital Management LLC to begin directly holding shares of Pitney Bowes Inc. (NYSE: PBI) due to the size of the position. The investment comes as Pitney Bowes has delivered impressive returns, with the stock up over 116% in the past year and maintaining its 55-year streak of consecutive dividend payments.
Fredrick D. DiSanto, Chairman and CEO of Ancora Holdings Group, and James Chadwick, President of Ancora Alternatives, expressed continued confidence in Pitney Bowes’ leadership. They credited Kurt Wolf, now Pitney Bowes’ CEO, with driving cost reductions, cash repatriation initiatives, debt reduction and the divestiture of the Global Ecommerce unit during his involvement with the company. According to InvestingPro analysis, these initiatives have contributed to the company’s Fair financial health rating and strong gross profit margins of 53%.
"We look forward to remaining long term investors in Pitney Bowes," DiSanto and Chadwick stated in the press release.
Ancora originally invested in the special purpose vehicle managed by Wolf more than two years ago. The firm, founded in 2003, offers integrated investment advisory, wealth management, retirement plan services and insurance solutions to individuals and institutions across the United States.
The announcement indicates Ancora will maintain its investment in Pitney Bowes but will now hold shares directly rather than through the previously utilized investment vehicle.
In other recent news, Pitney Bowes Inc. reported its first-quarter 2025 earnings, showcasing a strong performance with an adjusted earnings per share (EPS) of $0.33, which exceeded the forecast of $0.27. However, the company’s revenue was slightly below expectations, coming in at $493 million compared to the anticipated $501.4 million. Despite the revenue shortfall, Pitney Bowes demonstrated a 74% year-over-year increase in adjusted EPS, highlighting effective cost management and strategic focus on high-margin revenue streams.
In addition, Pitney Bowes shareholders approved all proposed items during the company’s Annual Meeting, including the election of directors and the Amended 2024 Stock Plan. This plan aims to provide competitive compensation to attract and retain employees. Furthermore, Kurt Wolf from Hestia Capital Management is set to become the new CEO of Pitney Bowes, succeeding Lance Rosenzweig. Wolf has been instrumental in overseeing plans to reduce expenses and manage debt as part of the company’s value enhancement committee.
The appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2025 was also ratified. Pitney Bowes reaffirmed its full-year guidance, projecting free cash flow between $330 million and $370 million. These developments reflect the company’s ongoing efforts to optimize its financial position and strategic initiatives.
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